RIVIERA CASINO BIDDING WAR HEATS UP
With the Riviera Casino embroiled in a legal tug of war with Riv Acquisitions LLC for the northern Strip property and the Palms Casino’s reported interest in acquiring the 50 plus year old company, things are getting more interesting. Larry’s Las Vegas has just learned that another suitor has joined the fray.
Larry is reporting that the Riviera Casino has received a bid for $30 per share in cash from a group led by Ian Bruce Eichner and Dune Capital Management LP.
William Westerman, Chairman of the Board of the Company, stated, “We are not surprised to receive a bid substantially higher than the Riv Acquisition group’s below market bid. We continue to believe that $27 per share does not represent full value for our stockholders, which we believe is confirmed by both the Company’s current market price ($33.00 close on May 11, 2007) as well as by this current $30 per share offer. The Board intends to fully consider the $30 Eichner Group bid and review it with our advisors.”
Mr. Westerman continued, “Your Board is committed to working for all stockholders. We will insure that all bidders are given a level playing field, with the Board’s goal to maximize value for all stockholders.”
As previously announced, Riviera has retained Jefferies & Company, Inc. as its financial advisor to assist it in exploring a range of strategic and financial alternatives in order to maximize stockholder value. These alternatives include, but are not limited to, a sale of the entire Company. As its financial advisor, Jefferies will assist the Company in reviewing this new $30 per share proposal.
Stay tuned to Larry’s Las Vegas for more information on this developing story.
EVERYBODY IS COMING TO LAS VEGAS! WHY NOT YOU?
Recently:
- LAS VEGAS CONTINUES TO CRUMBLE !
- 219
- LAS VEGAS ECONOMY IN A TAIL-SPIN
- Dealers At The Rio Reject Union-Could Your Blackjack Dealer Go On Strike?
- LAST YEAR IT WAS 07/07/07 THIS YEAR, YOU GUESSED IT 08/08/08
- HAPPY HOLIDAYS
- WHAT’S YOUR THEO? Pt 2
- THE END OF LAS VEGAS?
- LAS VEGAS CASINO WORKERS LOSING THEIR JOBS
- CASINO DEALERS UNION PROMOTES “TIP YOUR DEALER” CAMPAIGN
You must be logged in to post a comment.
